The Frontier Economic Fund

Investment Objectives

The Frontier Economic Fund seeks to track the performance of The Alaska Last Frontier Index, a rules-based strategy index designed by Vident to capture the economic footprint of companies with meaningful exposure to the State of Alaska. The Index identifies and emphasizes firms doing business in Alaska including natural resource utilization, economic development, operational presence, and participation in state-sponsored initiatives. By tracking this Index, the Fund aims to provide investors with targeted exposure to companies that contribute to and benefit from Alaska’s unique economic landscape, emphasizing those with the greatest alignment to the state’s growth and opportunity.

Fund Details

02/20/2026

Fund Details

AKAF

CUSIP

268961703

Net Assets

$2,930,478.17

Total Fund Annual Operating Expenses

0.20%

Inception Date

6/25/2025

Shares Outstanding

90,000.00

Distribution Frequency

Quarterly

30-Day SEC Yield (as of 01/31/2026)

1.27%

12 Month Distribution Yield

-

Market Price

$32.56

NAV

$32.56

Premium/Discount

-0.02%

30-Day Median Bid-Ask Spread

0.25%

Factors

TRUE TO ALASKA

A rules-based gateway to companies driving the economic engine of the 49th State.

ACCESS

A powerful tool for retail & institutional investors seeking Alaska exposure.

GROWTH POTENTIAL

Targets companies participating in long-term value creation in the state.

ALIGNMENT 

Supports Alaska’s economic vision and the companies helping to fulfill it.

Performance

index	Month End Performance (As of 01/31/2026)	AKAF Nav Returns	AKAF Market Price Returns
0	Cumulative
1	1 Month	7.13%	6.93%
2	3 Month	10.89%	10.59%
3	Year To Date	7.13%	6.93%
4	Since Inception*	26.94%	26.78%
5	Average Annual
6	1 Year	0.00%	0.00%
7	3 Year	0.00%	0.00%
8	5 Year	0.00%	0.00%
9	10 Year	0.00%	0.00%
10	Since Inception*	0.00%	0.00%

index	Quarter End Performance (As of 12/31/2025)	AKAF Nav Returns	AKAF Market Price Returns
0	Cumulative
1	Quarter	4.60%	4.65%
2	Year To Date	0.00%	0.00%
3	Since Inception*	18.49%	18.56%
4	Average Annual
5	1 Year	0.00%	0.00%
6	3 Year	0.00%	0.00%
7	5 Year	0.00%	0.00%
8	10 Year	0.00%	0.00%
9	Since Inception*	0.00%	0.00%

*Fund Inception Date: 6/25/2025

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Short term performance is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns.

ETF Holdings

As of DATE

index	Name	Ticker	CUSIP or Other Identifier	Weight	Shares
0	FedEx Corp	FDX	31428X106	2.97%	224
1	United Parcel Service Inc	UPS	911312106	2.38%	597
2	Exxon Mobil Corp	XOM	30231G102	2.32%	462
3	GE AEROSPACE	GE	369604301	2.24%	191
4	Barrick Mining Corp	ABX CN	BNM23Q1	2.17%	1,327
5	Teck Resources Ltd	TECK	878742204	2.15%	1,062
6	ConocoPhillips	COP	20825C104	2.01%	532
7	Kinross Gold Corp	K CN	B03Z841	1.98%	1,736
8	Northern Star Resources Ltd	NST AU	6717456	1.95%	2,849
9	Agnico Eagle Mines Ltd	AEM CN	2009823	1.94%	250
10	Halliburton Co	HAL	406216101	1.88%	1,568
11	XPO Inc	XPO	983793100	1.88%	263
12	Hecla Mining Co	HL	422704106	1.78%	2,177
13	SLB Ltd	SLB	806857108	1.68%	971
14	Baker Hughes Co	BKR	05722G100	1.66%	781
15	Repsol SA	REP SM	5669354	1.61%	2,182
16	Royal Caribbean Cruises Ltd	RCL	V7780T103	1.56%	145
17	DSV A/S	DSV DC	B1WT5G2	1.40%	155
18	Uber Technologies Inc	UBER	90353T100	1.38%	546
19	Delta Air Lines Inc	DAL	247361702	1.35%	570
20	Nabors Industries Ltd	NBR	G6359F137	1.29%	483
21	DoorDash Inc	DASH	25809K105	1.28%	212
22	United Airlines Holdings Inc	UAL	910047109	1.28%	333
23	Carnival Corp	CCL	143658300	1.18%	1,081
24	COEUR MINING INC.	CDE	192108504	1.18%	1,402
25	Nippon Yusen KK	9101 JP	6643960	1.15%	1,000
26	Santos Ltd	STO AU	6776703	1.10%	6,691
27	Core Laboratories Inc	CLB	21867A105	0.99%	1,569
28	Novagold Resources Inc	NG	66987E206	0.98%	2,653
29	South32 Ltd	S32 AU	BWSW5D9	0.98%	9,267
30	Matson Inc	MATX	57686G105	0.94%	165
31	Alphabet Inc	GOOGL	02079K305	0.91%	85
32	Lockheed Martin Corp	LMT	539830109	0.88%	39
33	Northern Dynasty Minerals Ltd	NAK	66510M204	0.88%	19,691
34	Expro Group Holdings NV	XPRO	N3144W105	0.86%	1,409
35	McKesson Corp	MCK	58155Q103	0.84%	26
36	HCA Healthcare Inc	HCA	40412C101	0.80%	44
37	APA Corp	APA	03743Q108	0.77%	774
38	Marriott International Inc/MD	MAR	571903202	0.77%	65
39	Walmart Inc	WMT	931142103	0.76%	181
40	TFI INTERNATIONAL INC	TFII CN	BDRXBF4	0.75%	185
41	Northrop Grumman Corp	NOC	666807102	0.74%	30
42	Apple Inc	AAPL	037833100	0.69%	76
43	Cisco Systems Inc	CSCO	17275R102	0.69%	254
44	Hilton Worldwide Holdings Inc	HLT	43300A203	0.69%	64
45	Coca-Cola Co/The	KO	191216100	0.69%	252
46	Trane Technologies PLC	TT	G8994E103	0.67%	42
47	ANA Holdings Inc	9202 JP	6014908	0.66%	900
48	Emerson Electric Co	EMR	291011104	0.66%	130
49	Honeywell International Inc	HON	438516106	0.66%	79
50	PepsiCo Inc	PEP	713448108	0.66%	118
51	Starbucks Corp	SBUX	855244109	0.66%	198
52	Verizon Communications Inc	VZ	92343V104	0.66%	392
53	Air Canada	AC CN	BSDHYK1	0.65%	1,233
54	General Dynamics Corp	GD	369550108	0.65%	54
55	Knife River Corp	KNF	498894104	0.65%	210
56	Costco Wholesale Corp	COST	22160K105	0.64%	19
57	Lowe's Cos Inc	LOW	548661107	0.64%	67
58	McDonald's Corp	MCD	580135101	0.64%	57
59	Wells Fargo & Co	WFC	949746101	0.64%	211
60	CVS Health Corp	CVS	126650100	0.63%	241
61	International Business Machines Corp	IBM	459200101	0.63%	72
62	American Airlines Group Inc	AAL	02376R102	0.62%	1,331
63	Motorola Solutions Inc	MSI	620076307	0.60%	38
64	Boeing Co/The	BA	097023105	0.59%	74
65	Sherwin-Williams Co/The	SHW	824348106	0.59%	48
66	Kawasaki Kisen Kaisha Ltd	9107 JP	6484686	0.58%	1,100
67	Airbnb Inc	ABNB	009066101	0.58%	134
68	Norwegian Cruise Line Holdings Ltd	NCLH	G66721104	0.58%	703
69	Home Depot Inc/The	HD	437076102	0.56%	43
70	Republic Services Inc	RSG	760759100	0.56%	75
71	General Motors Co	GM	37045V100	0.55%	197
72	Amazon.com Inc	AMZN	023135106	0.54%	76
73	Walt Disney Co/The	DIS	254687106	0.53%	147
74	O'Reilly Automotive Inc	ORLY	67103H107	0.53%	167
75	L3Harris Technologies Inc	LHX	502431109	0.52%	43
76	Marsh & McLennan Cos Inc	MRSH	571748102	0.51%	84
77	ULTA BEAUTY INC	ULTA	90384S303	0.51%	22
78	Alaska Air Group Inc	ALK	011659109	0.50%	281
79	SkyWest Inc	SKYW	830879102	0.50%	142
80	Ford Motor Co	F	345370860	0.47%	978
81	Microsoft Corp	MSFT	594918104	0.47%	35
82	Target Corp	TGT	87612E106	0.47%	118
83	WW Grainger Inc	GWW	384802104	0.46%	12
84	KeyCorp	KEY	493267108	0.46%	601
85	Yum! Brands Inc	YUM	988498101	0.45%	81
86	Ferguson Enterprises Inc	FERG	31488V107	0.44%	50
87	Sysco Corp	SYY	871829107	0.44%	144
88	Darden Restaurants Inc	DRI	237194105	0.42%	57
89	Globalstar Inc	GSAT	378973507	0.42%	205
90	GameStop Corp	GME	36467W109	0.41%	514
91	Labcorp Holdings Inc	LH	504922105	0.41%	42
92	United Rentals Inc	URI	911363109	0.40%	13
93	AutoZone Inc	AZO	053332102	0.38%	3
94	Kroger Co/The	KR	501044101	0.38%	170
95	Constellation Brands Inc	STZ	21036P108	0.38%	72
96	Jacobs Solutions Inc	J	46982L108	0.37%	78
97	Leidos Holdings Inc	LDOS	525327102	0.37%	63
98	Oracle Corp	ORCL	68389X105	0.37%	74
99	Albertsons Cos Inc	ACI	013091103	0.36%	592
100	Fastenal Co	FAST	311900104	0.36%	231
101	Lululemon Athletica Inc	LULU	550021109	0.36%	57
102	U-Haul Holding Co	UHAL	023586100	0.36%	202
103	Waste Connections Inc	WCN CN	BYQFRK5	0.36%	64
104	Ameriprise Financial Inc	AMP	03076C106	0.35%	22
105	Bombardier Inc	BBD/B CN	BN33PL2	0.35%	50
106	Best Buy Co Inc	BBY	086516101	0.34%	154
107	Domino's Pizza Inc	DPZ	25754A201	0.34%	26
108	WSP Global Inc	WSP CN	BHR3R21	0.33%	57
109	AECOM	ACM	00766T100	0.31%	92
110	Builders FirstSource Inc	BLDR	12008R107	0.31%	83
111	GCI Liberty Inc	GLIBK	36164V800	0.29%	212
112	Booz Allen Hamilton Holding Corp	BAH	099502106	0.28%	105
113	Viasat Inc	VSAT	92552V100	0.28%	178
114	Trilogy Metals Inc	TMQ	89621C105	0.27%	2,001
115	Major Drilling Group International Inc	MDI CN	2557515	0.26%	630
116	First American Government Obligations Fund 12/01/2031	FGXXX	31846V336	0.25%	7,203
117	Universal Health Services Inc	UHS	913903100	0.25%	32
118	MDU Resources Group Inc	MDU	552690109	0.24%	352
119	Yamaha Motor Co Ltd	7272 JP	6985264	0.22%	800
120	North West Co Inc/The	NWC CN	BZ3FZR8	0.22%	159
121	Northrim BanCorp Inc	NRIM	666762109	0.21%	244
122	Pursuit Attractions and Hospitality Inc	PRSU	92552R406	0.20%	156
123	Buckle Inc/The	BKE	118440106	0.19%	102
124	Tetra Tech Inc	TTEK	88162G103	0.19%	157
125	Choice Hotels International Inc	CHH	169905106	0.18%	49
126	Iridium Communications Inc	IRDM	46269C102	0.18%	231
127	Lithia Motors Inc	LAD	536797103	0.18%	18
128	Canada Goose Holdings Inc	GOOS CN	BF0B2F6	0.17%	411
129	Hertz Global Holdings Inc	HTZ	42806J700	0.16%	996
130	Stantec Inc	STN CN	2854238	0.16%	53
131	Cash & Other	Cash&Other	Cash&Other	0.15%	4,505
132	Harley-Davidson Inc	HOG	412822108	0.14%	199
133	Pantheon Resources PLC	PANR LN	B125SX8	0.14%	41,712
134	GoldMining Inc	GLDG	38149E101	0.12%	2,321
135	H&R Block Inc	HRB	093671105	0.12%	114
136	Freegold Ventures Ltd	FVL CN	2981631	0.05%	1,512
137	Solstice Advanced Materials Inc	SOLS	83443Q103	0.05%	20

ETF holdings and allocations are subject to change and should not be considered a recommendation to buy or sell any security.

index		Calendar Year 2025	First Quarter 2026
0	Days traded at premium	104	24
1	Days traded at NAV	8	1
2	Days traded at discount	20	9

Sector Breakdown

As of DATE

index	Name	Weight
0	Industrials	32.22%
1	Consumer Discretionary	17.56%
2	Materials	17.22%
3	Energy	14.62%
4	Consumer Staples	4.95%
5	Information Technology	4.34%
6	Communication Services	3.20%
7	Health Care	3.00%
8	Financials	2.48%
9	Utilities	0.26%
10	Money Market Fund	0.15%

The Frontier Economic Fund

Investment Objectives

Fund Details

Fund Details

AKAF

CUSIP

268961703

Net Assets

$2,930,478.17

Total Fund Annual Operating Expenses

0.20%

Inception Date

6/25/2025

Shares Outstanding

90,000.00

Distribution Frequency

Quarterly

30-Day SEC Yield (as of 01/31/2026)

1.27%

12 Month Distribution Yield

-

Market Price

$32.56

NAV

$32.56

Premium/Discount

-0.02%

30-Day Median Bid-Ask Spread

0.25%

Factors

Performance

ETF Holdings

Premium Discount Chart - {{ fundTicker }}

Sector Breakdown

Fund Literature

Fund Literature

The Frontier Economic Fund

Investment Objectives

Fund Details

Fund Details

AKAF

CUSIP

268961703

Net Assets

$2,930,478.17

Total Fund Annual Operating Expenses

0.20%

Inception Date

6/25/2025

Shares Outstanding

90,000.00

Distribution Frequency

Quarterly

30-Day SEC Yield (as of 01/31/2026)

1.27%

12 Month Distribution Yield

-

Market Price

$32.56

NAV

$32.56

Premium/Discount

-0.02%

30-Day Median Bid-Ask Spread

0.25%

Factors

Performance

ETF Holdings

Sector Breakdown

Fund Literature

Fund Literature

Distribution History